Hartford Financial to pay $20M to settle probe: NY Atty Gen

CarolynPritchard

SAN FRANCISCO (MarketWtch) -- Hartford Financial Services Group
HIG, +0.40%
has agreed to pay $20 million to settle a fraud investigation related to the sale of group annuities, New York Attorney General Eliot Spitzer said Wednesday. The Hartford, Conn.-based insurance firm has also agreed to implement reforms designed to bring fair play and transparency to the marketing of retirement products. A similar agreement was announced by Connecticut Attorney General Richard Blumenthal, Spitzer said in a release posted on his office's Web site. The probe found that Hartford was making payments to four brokers -- Dietrich & Associates; Brentwood Asset Advisors; BCG Terminal Funding; and USI Consulting Group -- for recommending group annuities to pension plans.

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